Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Herbal/Traditional Products in Australia

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Executive Summary

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PROSPECTS

Growing interest in herbal/traditional products as part of a holistic healthy lifestyle

Consumer interest in herbal/traditional products is set to continue building over the forecast period and this is set to be mainly due the shift towards the holistic approach to good health. Many Australians are adapting their lifestyles so that they are more in line with the tenets of holistic medicine and this often involves them showing greater interest in herbal/traditional products.

Strong growth expected in herbal/traditional topical analgesics

Herbal/traditional topical analgesics was again the most dynamic category in herbal/traditional products in 2018. Rising interest in these products is primarily due to the wide of variety of products from the category on offer in mainstream health and beauty specialist retailers out.

Over the forecast period, the strongest growth in herbal/traditional products is set to be seen in herbal/traditional sleep aids. This category is set to continue benefiting from the increasing recognition that the increasing incidence of sleep deprivation presence a genuine threat to the nation’s health.

COMPETITIVE LANDSCAPE

Blackmores remains in the leading position in herbal/traditional products

Australian-owned company Blackmores remained in the top spot in the category in 2018 as consumers continued to place their trust in the company’s very well-known brands, many of which have been available for many years. Among the company’s strongest brands are Blackmore’s Tranquil Night and Blackmore’s Travel Calm, which have helped to soothe the nerves of countless Australians and remain popular due to their reputation for being highly effective.

Local players remain among the category leaders despite foreign part-ownership

Australian companies have strong representation in herbal/traditional products and this is primarily due to high levels of consumer trust in the leading Australian brands as well as the strict regulations relating to the manufacture and sale of herbal/traditional products in Australia, which gives local companies that are already familiar with the legal regime a major advantage. However, many of the ostensibly Australian companies present in the category have recently been partially or fully acquired by Chinese concerns.

Innovation and new launches still at the forefront of the leading players’ strategies

In recent years, the leading manufacturers of herbal/traditional products have been able to successfully compete with standard OTC products by emphasising their natural ingredients and positioning themselves as safer alternatives with fewer side-effects and much less risk of addiction and/or overdose. Furthermore, the leading manufacturers of herbal/traditional products have positioned their products as preventative measures rather than curative products for managing the symptoms of illness, encouraging more frequent use by consumers over longer periods.

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